German Finance Minister Says He Does Not Support Private Cryptos: Report
Olaf Scholz said banks need to adapt for a digital world but seemed to rule out private digital currencies from that future.
Nov 20, 2020 at 4:03 p.m. UTCUpdated Aug 19, 2021 at 5:46 a.m. UTC
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German Finance Minister Olaf Scholz, speaking at a banking congress Friday, showed no love for privately issued cryptocurrencies.
- “I do not support private-sector digital currencies,” Scholz said, according to Reuters.
- Coming from the finance minister of the euro region's largest economy, Scholz's comments potentially strike a blow at two private crypto projects: Libra, the Facebook-backed retail payments network, and JPMorgan Coin, the wholesale payments chain.
- Nevertheless, Scholz told congressional delegates that European banks must adapt for the digital future.
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